Rio Tinto still short of 50% on $3.9bln Riversdale bid

Global miner
Rio
Tinto remains short of its target of holding more than 50 per cent of shares in
Riversdale
Mining, before a Monday evening deadline on its $3.9 billion takeover offer for the Mozambique-focused coalminer.

It had reached just under 40 per cent as of Monday morning, Rio Tinto said. There was still no word on whether Riversdale's two biggest shareholders, India's Tata Steel and Brazil's CSN, would sell any of their shares.

Riversdale's shareholders will receive $16.50 a share if Rio reaches more than 50 per cent acceptances by 8am GMT on Monday (6pm AEDT). Otherwise the offer reverts to $16 a share, remaining open until April 6.